23 February, 2015: Clyde & Co has advised Mitsui OSK Lines (MOL) on a major LNG shipping transaction.
The deal sees MOL, a leading LNG vessel owner and operator, agree a long term charterparty with E.ON Global Commodities SE (EGC) and a shipbuilding contract with Korean builder Daewoo Shipbuilding & Marine Engineering (DSME), the second largest shipbuilder in the world.
The ship, due to be delivered by 2018, will be used by EGC to transport LNG cargoes on a worldwide basis. An agreement for a second ship was also signed, subject to final Board approval. Clyde & Co closely supported MOL on the negotiation of all aspects of this complex transaction, which closed in Berlin on February 11th.
Clyde & Co partner Sandra Sinclair-Hughes, said: “This is an innovative deal, bringing together the tried and tested LNG shipping expertise of MOL with the transportation needs of one of Europe’s major utility companies. With volatility in the energy markets expected for the foreseeable future, this diversification of supply away from traditional pipeline sources represents a watershed moment for the parties to the transaction. We are proud to have been part of this important project. This was a market leading deal, and as with most deals of this complexity, bringing in the right people was paramount. We put together a tailored team from two of the firm’s core sectors of transactional marine and energy enabling us to add value at each stage of the transaction”.
Clyde & Co is a global law firm with a pioneering heritage and a resolute focus on its core sectors of insurance, aviation, energy, infrastructure, natural resources, marine and trade. With over 1, 500 lawyers operating from 40 offices and associated offices in six continents, the firm advises on a wide range of contentious and transactional matters.